Raytheon Sets $2 Billion Bond Sale
To Pay Down Short-Term Debt

Raytheon Co. plans to sell corporate bonds valued at $2 billion beginning this week in an effort to retire some short-term debt, said executives familiar with the offering.

The bonds are expected to be sold in three separate auctions, with maturities ranging from three to 10 years, the executives said. The bonds are expected to carry a triple-B-minus rating, the lowest category of investment-grade debt. Morgan Stanley & Co. and CS...